WTI Price Analysis: Bulls halt the fall near $70.00 level

WTI prints fresh gains on Wednesday in the European trading hours.
Additional gains for the WTI if price decisively breaks $70.00.
Momentum oscillator remains in the overbought zone with stretched buying conditions.

Rekha Chauhan Independent Analyst

West Texas Crude Oil (WTI) edges higher Wednesday in the European trading session. The prices took shelter near the multi-month support near $70.00.

At the time of writing, WTI is trading at $70.03, up 0.08% for the day.

WTI daily chart

On the daily chart, after testing a low of $64.99 on July 20, which also coincides with the 100-day Simple Moving Average (SMA), WTI roses sharply and touched the high of $73.88.

A sustained move above the intraday high would allow WTI bulls to retest the $71.00 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD could accelerate the buying pressure.

That said, the WTI bulls could meet the next upside target at a $72.00 horizontal support level.

Alternatively, if prices move lower, it could retrace back to the previous day’s low at $68.89 followed by the $67.90 horizontal support level.

Next, the bears would attempt to meet the 100-day SMA at 66.77 on the downside.

WTI additional levels

WTI

Overview
Today last price	70.19
Today Daily Change	0.21
Today Daily Change %	0.30
Today daily open	69.98

Trends
Daily SMA20	71.57
Daily SMA50	71.22
Daily SMA100	66.9
Daily SMA200	58.86

Levels
Previous Daily High	71.58
Previous Daily Low	68.9
Previous Weekly High	73.89
Previous Weekly Low	70.37
Previous Monthly High	76.4
Previous Monthly Low	64.99
Daily Fibonacci 38.2%	69.92
Daily Fibonacci 61.8%	70.55
Daily Pivot Point S1	68.72
Daily Pivot Point S2	67.47
Daily Pivot Point S3	66.04
Daily Pivot Point R1	71.41
Daily Pivot Point R2	72.83
Daily Pivot Point R3	74.09

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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